WASHINGTON, DC-Douglas Development Corp. has purchased the old Hecht Co. warehouse situated on New York Avenue NE for $20 million at a foreclosure auction. Wayne, Pennsylvania-based Patriot Equities LP purchased the site, which includes 1401-1403 and 1545 New York Ave. NE and 2001 16th St. NE, in 2007 with plans to turn the site into a mixed-use property.
As of June 1, the $66-million loan secured by Patriot had $44.13 million as balance amount. Douglas will either redevelop or retain the property. For the full story, go to Washington Business Journal .
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